Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division, today. Minister of State for Information and Broadcasting Mr. Farrukh Habib, Secretary M/o NFS&R, Secretary M/o Industries and Production, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Deputy Commissioner ICT and other senior officers participated in the meeting.
Economic Adviser Finance Division briefed the NPMC on CPI Inflation. It was informed that prices of perishable food items and Non-perishable food items have shown significant decline in their prices when reviewed Y-o-Y and M-o-M basis. He further highlighted that CPI inflation Year-on-Year basis is 12.3% in December 2021 as compared to 8.0% in December 2020. Whereas CPI for Month-on-Month basis remained at -0.02 % in December 2021, however it was 3.0% in November 2021. Overall prices have shown decline as compared to prices in the last month.
NPMC was also briefed on weekly SPI which decreased by 0.50% in the week as compared to previous week which was increased by 0.40%. It was informed that 33 food items contributed decline in the SPI by -0.44%, whereas 18 non-food items contributed -0.06%. Prices of 07 items registered decline which contributed decline in the SPI by 0.70%. During the week, prices of Tomatoes declined by 0.31%, Potatoes 0.13% and others 0.13%.
NPMC was informed that prices of 22 items remained stable whereas 22 items registered slight increase in prices which contributed increase in the SPI by 0.2%. Prices of Chicken increased by 0.08%, Eggs by 0.04% and others by 0.08%.
The Finance Minister expressed satisfaction on the decline in the prices of sensitive commodities and appreciated the provincial governments for taking administrative measures to reduce the gap between the wholesale and retail price.
NPMC was updated on the prices of wheat flour which marked a continuous decline in the prices in the country for the last five weeks. The meeting expressed satisfaction over the availability of sufficient stocks of wheat in the country.
The meeting also discussed the sowing situation of Wheat in the country and expressed satisfaction on the progress in all the four provinces.
NPMC was briefed on the sugar prices and its stock position in the country and expressed concerns on the slight increase in sugar prices in various cities.
The Meeting was also apprised on the variations in the prices of pulses and rise in the prices of Eggs and Chicken due to seasonal factor. The NPMC was informed that prices of onion have marked decrease as compared to its price three years earlier.
The NPMC also discussed and directed M/o NFS&R to formulate strategy for the provision of storage infrastructure for improving supply chain of perishable food items.
The NPMC also discussed the demand and supply of fertilizer in the country and directed M/o I &P to import Fertilizer as soon as possible to meet the rising demand and to maintain stability in the prices.
The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country.
The Finance Minister Mr. Shaukat Tarin commended the efforts of the Government of the Punjab, KP, Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars and also expressed satisfaction on the availability of essential items at low rates in Sastaa Bazaars in Sindh and Baluchistan.
In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.
*****************
